What happens next if there is a 'Yes' vote in the Greece referendum

Will the Greek government collapse? Will the euro be saved? Should I cancel my
holiday?

The Greek government could collapse

The leaders of the radical left-wing government of the ruling Syriza party are likely to step down, making fresh snap elections likely. Yanis Varoufakis, the finance minister, has said categorically that he will resign if there's a Yes result, while Alexis Tsipras, the prime minister, has hinted that he will do so too.

Greece could still leave the euro

A Yes vote would mean Greeks had supported the bail-out terms offered by the EU. That suggests that new funding would be made available in return for Greek austerity measures, calm would be restored, and Greece could stay in the euro. Eurozone chiefs would be under pressure to "reward" the Greeks for their vote, and especially keen to do this if Syriza were no longer in power. However, the bail-out technically expired on Tuesday, Greece has already defaulted on its debts, so new negotiations would have to begin with a government that no longer existed or was in crisis. Eventually those talks might still break down, leading to Grexit.

There will be political paralysis and new elections

With no clear replacement for Syriza waiting in the wings, there might have to be a national unity government. Such a temporary arrangement would continue until fresh elections are called, perhaps later in the summer. Who would take over from Mr Tsipras is unclear. The main opposition leader is former PM Antonis Samaras, but he seems an unlikely choice, having been defeated by Syriza in January's elections. One of the problems is that the Greek opposition, a mixture of moderate socialists and right-wing conservatives, are a divided, fractious bunch. Disillusionment with them was one of the reasons for Syriza's victory in January.

Syriza could try to cling to power

Eurozone leaders have made clear they do not trust Mr Tsipras to carry out a reform package he does not wholeheartedly support. EU officials are keen for any government to claim full "ownership" of controversial reforms such as tax rises and spending cuts, rather than describing them as "blackmail" and acts of "terrorism". But he might try anyway.

Will the eurozone’s economy be saved?

There is likely to be a surge on the stock markets as a Greek vote will be seen as a mark of confidence in the eurozone. But its fundamental flaws - and the fact that Greece’s economy will remain too weak to pay its debts - will still be there.

Will Greece be saved?

The damage of the last few weeks means that on top of previous offers, the International Monetary Fund believes an extra E50 billion will have to be found. Even if that is forthcoming, and even if some debt relief is offered, the austerity on offer is only shrinking the Greek economy, making it ever more unlikely to pay its debts - or its pensions - in the long term. And what if, at a subsequent election, a conflicted public re-elects Syriza?

What does it mean for the rest of us?

Britain has looked on from the sidelines - but a Yes vote will mean European leaders may be more intransigent when “renegotiating” Britain’s membership with David Cameron - they have called a country’s bluff once, and may feel emboldened to do it again. Meanwhile, we will share the economic pain as the eurozone staggers on.

Greece is full of tourists, who must be getting worried

Bail-outs should have one immediate effect - recapitalising the banking system, and returning money to the cash machines. Although foreign bank accounts are not subject to the same 60 euro withdrawal limit as Greek ones, many machines have run out. Increasingly, shops and other businesses have asked for payment in cash, too, rather than by card. Some places have reported a run at the fuel pumps. This should all, in theory, start to ease.

Can I cancel my holiday?

No. Tour companies will only refund holiday bookings if the Foreign Office warns against travel - currently they are just advising caution near demonstrations (against theft) and to take extra euros.